Six-Unit Apartment
New
For Sale
$1,195,000
84 Doyle Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size6,293 SF
Lot Size0.14 Acres
Price / SF$189.89
Days on Market6
Property Features for 84 Doyle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 5, Bathroom 6, Bedroom 4, Basement, Bedroom 7, Bedroom 8, Bedroom 11, Bedroom 6, Bedroom 10, Bathroom 4, Bedroom 12, Bedroom 1, Bathroom 1, Bedroom 9, Bathroom 3, Bedroom 3, Bathroom 5, Bathroom 2
Parking
2
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Patio
Basement
Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
East Side / Mt. Hope
Standard status
Active
Size
6,293 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15985
Utilities
Heating system
Natural Gas, Oil, Baseboard, Steam
Water source
Public
Building Details
Year built
1900
Floors in Building
4
Number of units
4
Flooring type
Tile - Ceramic, Hardwood
Building materials
Dry Wall, Plaster, Clapboard, Shingles, Wood
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Gerri Schiffman · License #RES.0025339
(401) 474-3733
Added: Sep 17
Last Checked: Sep 22 at 3:06AM
MLS# 1423634
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property includes two buildings on a 0.14-acre lot with 6,293 square feet of building area. The six-unit configuration consists entirely of two-bedroom residences, with three units in the front building and three additional two-bedroom, one-bath units in the rear building. Interior features include hardwood and ceramic tile flooring, mixed plaster and drywall finishes, baseboard and steam heating, and a mix of oil and natural gas service. Select units include dishwashers, refrigerators, ovens/ranges, washers, and dryers. The property was built in 1900 and has public water, a patio, and no on-site parking.
Located in Providence’s Mt. Hope neighborhood, the property is near Downtown Providence, Brown University, Whole Foods Market, shopping, and restaurants. The site is zoned R-3 and fronts Doyle Avenue.
Located in Providence’s Mt. Hope neighborhood, the property is near Downtown Providence, Brown University, Whole Foods Market, shopping, and restaurants. The site is zoned R-3 and fronts Doyle Avenue.
Key Highlights
- Six‑unit property with three two‑bedroom units in each of two buildings
- 6,293 square feet on a 0.14‑acre lot
- R‑3 zoning with public water service
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$95,449
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,908,980
$1.9M
Cap Rate 7%
$1,363,557
$1.4M
Cap Rate 9%
$1,060,544
$1.1M
Market Conditions
NOI Build-Up for 6,293 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$185.0K $29.40/SF
− Vacancy
−$11.5K −$1.82/SF
EGI
$173.5K $27.58/SF
− OpEx
−$78.1K −$12.41/SF
NOI
$95.4K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,908,980
Cap Rate 7%
$1,363,557
Cap Rate 9%
$1,060,544
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,449 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,375 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,688
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings on one lot provide six two-bedroom residences with R-3 zoning.
Where is this apartment building located?
The property is located at 84 Doyle Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Six‑unit property with three two‑bedroom units in each of two buildings; 6,293 square feet on a 0.14‑acre lot; R‑3 zoning with public water service
